FIRB targets to pass CREATE IRR on May 17
The Fiscal Incentives Review Board (FIRB) targets to get the implementing rules and regulations (IRR) of the recently-enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act signed by May 17.
In a statement released by the Department of Finance (DoF), FIRB has agreed during last week’s meeting that it will sign the IRR covering the expanded functions of the board on the target date. The board also discussed the possible industries eligible to apply for the new tax incentive system.
The FIRB is responsible for setting target performance metrics that businesses have to hit to avail of tax incentives and ensure these are met. The agency is also set to monitor and assess the economic impact of investments enjoying incentives.
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